Conduct and Pay in the Financial Services Industry The regulation of individuals

Since the financial crisis, one of the key priorities of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) has been individual accountability. This book addresses the regulatory and employment law challenges that arise from the FCA’s and PRA’s requirements. The expert team of writers examine in depth the provisions of the Financial Services and Markets Act 2000 which relate to individuals, and the associated requirements of the PRA and FCA. The topics addressed include: The Senior Manager, Certification and Approved Person Regimes Regulatory references and whistleblowing Disciplinary investigations, enforcement and sanctions Notifications, ‘Form C’, and fitness & propriety Bonus disputes and the Remuneration Code Conduct and Pay in the Financial Services Industry considers the full extent of an individual’s employment, from pre-contractual discussions to the post-termination clawback of remuneration. It is a vital reference for lawyers and human resources professionals working within the financial services industry, both in-house and in private practice. It will also be of interest to all academics, regulators and policy-makers involved in this sector.

1. Introduction [Thomas Ogg and Richard Leiper QC] PART I: CONDUCT 2. The conduct regime [Thomas Ogg] 3. Fitness and propriety [Richard Leiper QC] 4. The Approved Persons Regime [Thomas Ogg] 5. The certification regime [Richard Leiper QC] 6. The Senior Managers Regime [Jonathan Swift QC] 7. Notifications and the "Form C" issue [Thomas Ogg] 8. Regulatory references and whistleblowing [Richard Leiper QC] 9. Misconduct [Thomas Ogg] 10. Sanctions [Leo Davidson] 11. Enforcement procedure [Leo Davidson] PART II: PAY 12. Bonuses: the general law [Daniel Stilitz QC] 13. The remuneration codes [Patrick Halliday] 14. Malus and clawback: further discussion [Richard Leiper QC]

Thomas Ogg is a barrister at 11KBW, practicing in financial regulation, employment and commercial law. He was previously seconded to the Financial Conduct Authority’s Enforcement Legal Group and its General Counsel Division, and now regularly advises on contentious financial services matters. Richard Leiper QCis a leading specialist in City disputes, practising from 11KBW. He was instructed in the key remuneration cases, including Clark v Nomura and Commerzbank v Keen, and has advised both institutions and individuals involved in a wide range of financial transactions.